Franklin Resources buys prominent hedge fund firm K2

Reuters – K2 Advisors became the latest fund of hedge funds to sell out to a much bigger rival, with a deal announced on Wednesday to sell a majority stake to Franklin Resources as investors’ appetite for alternative assets continues to grow.

Current management of K2, which has been flirting with potential suitors for more than a year, will receive no up-front payment under terms of the deal, Franklin Resources said in a statement.